GST collection in June at Rs 90,917 crore, Q1 mop up dips 59% due to Covid-19 lockdown – Times of India: NEW DELHI: GST revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in Could and Rs 32,294 crore in April.

GST collection in June at Rs 90,917 crore, Q1 mop up dips 59% due to Covid-19 lockdown – Times of India

The products and providers tax (GST) mop up was 9 per cent decrease on a year-on-year foundation in June, whereas it was 62 per cent down in Could and fell 28 per cent in April.
GST collections for the primary quarter (April-June) of this fiscal declined 59 per cent, when in comparison with the identical quarter final yr as lockdown imposed to include unfold of COVID-19 pandemic severely impacted financial exercise.
“The revenues in the course of the monetary yr has been impacted on account of COVID-19, firstly because of the financial influence of the pandemic and secondly because of the relaxations given by the federal government in submitting of returns and fee of taxes because of the pandemic. Nevertheless, figures of previous three months present restoration in GST revenues,” the finance ministry mentioned in a press release.
States like Punjab, Chhattisgarh, Madhya Pradesh, Bihar, Assam, Andhra Pradesh, Telangana, Karnataka witnessed development in assortment in June over final yr.
North Jap states like Sikkim, Manipur, Mizoram, Tripura, Nagaland, Arunachal Pradesh too witnessed Enhance in income in the course of the month.
The gross GST income collected within the month of June, this yr stood at Rs 90,917 crore of which Central GST is Rs 18,980 crore, State GST is Rs 23,970 crore, Built-in GST is Rs 40,302 crore (together with Rs 15,709 crore collected on import of products) and Cess is Rs 7,665 crore, the assertion mentioned.
“The federal government collected gross #GST income of Rs 90,917 crore in June 2020, which is 91 per cent of the collections in June 2019,” workplace of finance minister Nirmala Sitharaman mentioned in a tweet.
In the course of the month, the revenues from import of products had been 71 per cent and the revenues from home transaction had been 97 per cent of the collections from these sources throughout the identical month final yr.
The federal government has settled Rs 13,325 crore to Central GST and Rs 11,117 crore to State GST from Built-in GST as common settlement.
The full income earned by central authorities and state governments after common settlement in June, stood at Rs 32,305 crore for Central GST and Rs 35,087 crore for the State GST.
The federal government had allowed a relaxed time schedule for submitting of GST returns and returns for the month of April, March in addition to February bought filed throughout June 2020.
Some returns of Could 2020, which might have in any other case bought filed in June 2020, will get filed throughout first few days of July 2020, the Ministry added.
EY Tax Associate Abhishek Jain mentioned the GST collections whereas within the first quarter have clearly witnessed a considerable dip due to the present pandemic, nevertheless, the growing development in June inclines to a restoration being in line quickly.
“With this shortfall and associated dip in income for states as nicely, the Centre’s obligations to compensate States for any shortfall is an space of concern and this being additional deepened with muted compensation cess collections,” Jain added.
Deloitte India Associate M S Manu mentioned the June income numbers point out {that a} revival is underway and collections will enhance within the coming months.
“In June a few of bigger producing states have proven a rise in collections or secure revenues in comparison with final yr whereas a few of the consuming states have proven a decline,” Mani added.


Please enter your comment!
Please enter your name here